News Column

Market Report

June 24, 2014

stocks edged lower yesterday as e-commerce and media firm Naspers, the continent's biggest company by market value, fell after posting a surprise drop in full-year earnings.

Naspers slumped nearly 5 percent to R1 206.93, making it the biggest decliner of the benchmark Top40 index, after its earnings were hit by expansion spending.

The Top40 index edged 0.61 percent lower to 46 054. The broader all share index was down 0.52 percent to 51 058.

Also falling was cellphone |operator Vodacom, which was down 4.36 percent to R129.50 as it traded ex-dividend, or without the right to its latest dividend.

But shares of platinum firms Anglo American Platinum, Impala Platinum and Lonmin rose as the striking Association of Mineworkers and Construction Union said it would end a five-month stoppage at the mines operated by the three firms after signing wage deals.

Workers are expected to start returning to work tomorrow, ending the sector's longest and costliest strike. Amplats gained 1.6 percent to R498 and Impala added 1.11 percent to R114.25, while Joburg-listed shares of Lonmin were up nearly |3 percent to R46.69. - Reuters

Cape Argus

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Source: Cape Argus (South Africa)

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